Carolinas Telco Federal Credit Union Mortgage Rates, Fees & Info
Charlotte, NCLEI: 549300MAIHYOT48UVH49
Tax ID: 56-0166559
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Mortgage Data
Review & Overview
Carolinas Telco Federal Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Carolinas Telco Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Raleigh, Columbia, Hickory, and Fayetteville among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)Carolinas Telco Federal Credit Union has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Carolinas Telco Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.19% | 4/28/24 |
| 30 Year Conventional Refi | 6.28% | 4/28/24 |
| 15 Year Conventional Purchase | 5.54% | 4/28/24 |
| 15 Year Conventional Refi | 5.95% | 4/28/24 |
| 15 Year Cash-out Refi | 5.95% | 4/28/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Carolinas Telco Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
188Origination Dollar Volume (All Markets)
$38,510,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 101 | $21,885,000 | $216,683 | $3,893 | 3.27% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 18 | $3,780,000 | $210,000 | $3,480 | 3.19% |
| COLUMBIA, SC (FHA|USDA|VA) | 22 | $3,220,000 | $146,364 | $3,124 | 3.06% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 6 | $1,270,000 | $211,667 | $3,694 | 3.33% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 3 | $835,000 | $278,333 | $4,353 | 3.00% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 6 | $830,000 | $138,333 | $3,180 | 3.06% |
| WILMINGTON, NC (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $5,581 | 3.63% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $5,358 | 3.38% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $3,969 | 3.13% |
| BURLINGTON, NC (FHA|USDA|VA) | 3 | $645,000 | $215,000 | $3,971 | 3.25% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $3,539 | 2.94% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $3,921 | 2.81% |
| Outside of Metro Areas | 2 | $420,000 | $210,000 | $3,808 | 3.63% |
| SPARTANBURG, SC (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $2,677 | 3.08% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $3,311 | 3.31% |
| Shelby, NC (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $2,542 | 3.19% |
| Henderson, NC (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,314 | 3.25% |
| Cullowhee, NC (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,564 | 3.38% |
| GOLDSBORO, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,522 | 3.00% |
| Albemarle, NC (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $2,340 | 2.81% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,688 | 3.88% |
| Marion, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,600 | 3.75% |
| Greenwood, SC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,204 | 2.75% |
| Lumberton, NC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,644 | 3.38% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against CAROLINAS TELCO FEDERAL CREDIT UNION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 188 | $38,510,000 | $204,840 | $3,702 | 3.22% |
For 2021, Carolinas Telco Federal Credit Union's most frequently originated type of loan was Conventional, with 188 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 136 | $25,540,000 | $187,794 | $3,391 | 3.17% |
| Home Purchase | 52 | $12,970,000 | $249,423 | $4,516 | 3.38% |
For 2021, Carolinas Telco Federal Credit Union's most frequently cited loan purpose was Refi, with 136 originations. The 2nd most popular reason was Home Purchase, with 52 originations.
Loan Duration/Length
For 2021, Carolinas Telco Federal Credit Union's most frequently cited loan duration was 30 Year, with 122 originations. The 2nd most popular length was 15 Year, with 56 originations.
Origination Fees/Closing Costs
Carolinas Telco Federal Credit Union's average total fees were $4,088, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 87 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 118 | $25,510,000 | $216,186 |
| 2.5-3% | 57 | $11,025,000 | $193,421 |
| 4-5% | 8 | $1,580,000 | $197,500 |
| <2.5% | 5 | $395,000 | $79,000 |
During 2021, Carolinas Telco Federal Credit Union's average interest rate for loans was 3.43%, while their most frequently originated rate bucket for loans was 3-4%, with 118 originations.
Loan Sizing
2021 saw Carolinas Telco Federal Credit Union place emphasis on $100k-200k loans with 85 originations, totaling $12,615,000 in origination value.
Applicant Income
Carolinas Telco Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 55 originations. The second most popular income band? $100k-150k, with 42 originations.
Applicant Debt to Income Ratio
Carolinas Telco Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 71 originations. The next most common DTI ratio? <20%, with 38 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.26%
Carolinas Telco Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination95.21%
Carolinas Telco Federal Credit Union has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 188 | $38,510,000 | $204,840 |